Trading carbon credits based on avoided deforestation
Economist.com
Jun 8th 2009
TREES are one of the most efficient systems of carbon capture and storage on the planet. They breathe in carbon dioxide and breathe out oxygen, locking the carbon into their roots, trunk, branches, twigs and leaves and the soil. They are so good at this that about 20% of the greenhouse gases entering the atmosphere can be attributed to deforestation. In the run-up to the climate talks in Copenhagen in December, bright minds around the world are negotiating a formal scheme for reducing the loss of trees as a way of lowering the world’s carbon emissions.
Avoiding deforestation means that many landowners must forgo the right to cut down their trees, so that the world at large can benefit. As such, carbon emissions from deforestation are a classic example of “environmental externality”. So long as this remains the case, forests will continue to be cut down. To resolve the problem, it has been suggested that the people who forgo their rights are compensated. There is already a market for what are called “voluntary” credits in avoided deforestation.
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